# Perella Weinberg Partners (PWP.US)

Canonical: https://gigainvestors.com/s/PWP

Analysis as of: 2026-10-16T07:31:24.281Z. Financial observations: FY2017–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $13.23 per share; close as of 2026-10-15.

Estimated value: low $0.31 per share, central $0.35 per share, high $0.41 per share. Buy at or below the central value $0.35 per share. Valuation as of 2026-10-16T07:31:24.281Z; scenarios are not confidence intervals.

Expected annual return: 3.2% at the stated quote. About 3.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 4

- Years with a net loss: 6

- Operating margin variation: 1.29×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.47×

- FY2018: -0.16×

- FY2019: -0.29×

- FY2020: -0.03×

- FY2021: 0.08×

- FY2022: -0.08×

- FY2023: -0.18×

- FY2024: -0.09×

- FY2025: 0.06×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -4.1%

- ROIC, second-lowest year: -27.7%

- Typical minus recent gross margin: -2.1 pp

- Typical gross margin (annual median): 38.0%

- Recent gross margin (lower of latest and 3-year median): 40.1%

- Years with nonpositive capital: 7

- Capital spending / revenue: 1.1%

- ROIC including acquisitions, ten-year median: -22285.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: -519849.0%

- FY2020: -4.1%

- FY2021: 9.3%

- FY2022: -12.4%

- FY2023: -27.7%

- FY2024: 0.0%

- FY2025: 19.8%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$64M

- Net income, five-year total: -$25M

- Working capital / revenue, annual change: 0.8 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $4.0M

- FY2022: $2.0M

- FY2023: -$57M

- FY2024: -$61M

- FY2025: $48M

### management: fail

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: -1.62 to -0.20 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.0%

- Per-share value change: $1.43

- Per-share value, starting three-year median: -$1.62

- Per-share value, ending three-year median: -$0.20

- Buybacks concentrated in cheaper years (correlation): 0.30

- Average buyback yield: 3.6%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- ROIC, last three-year median: 0.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: -$1.89

- FY2018: -$0.00

- FY2019: -$1.62

- FY2020: -$0.24

- FY2021: $0.04

- FY2022: $0.20

- FY2023: -$0.20

- FY2024: -$1.22

- FY2025: $0.35

### accounting: pass

- Sloan accruals: 0.1%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: -346.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.98×

- Accounting red flags: 0

Chart: Sloan accruals; fiscal year observations.

- FY2018: -1076108.3%

- FY2019: -88233.4%

- FY2020: -20.3%

- FY2021: -32.1%

- FY2022: 5.0%

- FY2023: -21.4%

- FY2024: -32.9%

- FY2025: 0.1%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 49% since Jan 2025 · "PWP Q1 Deep Dive: Delayed Deal Closings and Integration Weigh on Near-Term Results" (finance.yahoo.com, May 2026) · sales -14.5%

Story as of 2026-10-16T09:59:27.634Z; price observation 2026-10-15.

Price needs cash profits to grow 50.5% a year for ten years

- 2026-05-04: PWP Q1 Deep Dive: Delayed Deal Closings and Integration Weigh on Near-Term Results ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/pwp-q1-deep-dive-delayed-021255217.html))

### Sales · FY2024–2025

sales -14.5%; source https://www.sec.gov/Archives/edgar/data/1777835/000177783526000022/pwp-20251231.htm; observed 2026-02-27.

- FY2017: $403M 

- FY2018: $680M 

- FY2019: $533M 

- FY2020: $519M 

- FY2021: $802M 

- FY2022: $632M 

- FY2023: $649M 

- FY2024: $878M 

- FY2025: $751M 

### Gross margin · FY2025

gross margin 97.2%; source https://www.sec.gov/Archives/edgar/data/1777835/000177783526000022/pwp-20251231.htm; observed 2026-02-27.

- FY2019: 34.4% 

- FY2020: 27.9% 

- FY2021: 25.1% 

- FY2022: 38.0% 

- FY2023: 34.2% 

- FY2024: 40.1% 

- FY2025: 97.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in capital markets; annual sales are USD 750.9 million.

- Source: https://www.sec.gov/Archives/edgar/data/1777835/000177783526000022/pwp-20251231.htm#000177783526000022 (filed 2026-02-27); FY2025: revenue 750903000; grossProfit 730071000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); PWP.US: Perella Weinberg Partners, an independent advisory firm, provides strategic and financial advice services in the United States, the United Kingdom, and internationally. It offers advisory services related to strategic and financial decisions, mergers and acquisition execution, shareholder engagement advisory, and financing and capital solutions advice with a focus on restructuring, liability management, capital markets advisory, and private capital placement, as well as underwriting and research services primarily for the energy and related industries. The company serves public multinational corporations, mid-sized public and private companies, financial sponsors, individual entrepreneurs, private and institutional investors, creditor committees, and government institutions in consumer and retail; energy and energy transition; financial services and FinTech; healthcare; industrials and infrastructure; and technology, telecommunication, and media industries. Perella Weinberg Partners is headquartered in New York, New York.

### Why customers stay

Margins ranged from 34.2% to 97.2% during 2023–25; it lost 4.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 34.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 40.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1777835/000177783526000022/pwp-20251231.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 97.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 9-year return on capital observations [[2019,-5198.490221863997],[2020,-0.04127340475414941],[2021,0.09294967613353264],[2022,-0.1244265053800695],[2023,-0.27675258783103085],[2024,0],[2025,0.19768781837088636]]; median -0.04127340475414941. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 39.5% of cash earnings; paid dividends in 9 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2018: growth capex 0; upkeep 3340000; owner earnings 68485000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2021: growth capex 1225442; upkeep 236558; owner earnings 4023000. Growth capex / owner earnings = 0.304608998260005.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2022: growth capex 0; upkeep 26560000; owner earnings 2012000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1777835/000177783526000022/pwp-20251231.htm (filed 2026-02-27); FY2025: growth capex 0; upkeep 4313000; cash acquisitions 18858000; owner earnings 47685498.69799804. Growth capex plus acquisitions / owner earnings = 0.39546613781752704.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2017,38376000],[2018,38376000],[2019,38376000],[2020,11989000],[2021,71921000],[2022,57295000],[2023,27314000],[2024,20280000],[2025,22911000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1777835/000177783526000022/pwp-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 33655000 USD.

### What the price says

The price assumes cash profits grow 50.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Ten-year compound average after fade. Initial solved rate 0.7423291117390893. Price 13.23; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2020-11: $10.48 per share

- 2020-12: $11.30 per share

- 2021-01: $11.51 per share

- 2021-02: $10.60 per share

- 2021-03: $11.18 per share

- 2021-04: $11.33 per share

- 2021-05: $12.66 per share

- 2021-06: $12.86 per share

- 2021-07: $12.19 per share

- 2021-08: $13.97 per share

- 2021-09: $13.25 per share

- 2021-10: $14.04 per share

- 2021-11: $11.92 per share

- 2021-12: $12.86 per share

- 2022-01: $10.86 per share

- 2022-02: $10.99 per share

- 2022-03: $9.45 per share

- 2022-04: $7.71 per share

- 2022-05: $7.50 per share

- 2022-06: $5.83 per share

- 2022-07: $7.05 per share

- 2022-08: $7.19 per share

- 2022-09: $6.33 per share

- 2022-10: $7.88 per share

- 2022-11: $9.57 per share

- 2022-12: $9.80 per share

- 2023-01: $10.25 per share

- 2023-02: $10.11 per share

- 2023-03: $9.10 per share

- 2023-04: $7.90 per share

- 2023-05: $7.83 per share

- 2023-06: $8.33 per share

- 2023-07: $9.88 per share

- 2023-08: $10.53 per share

- 2023-09: $10.18 per share

- 2023-10: $9.81 per share

- 2023-11: $11.72 per share

- 2023-12: $12.23 per share

- 2024-01: $11.75 per share

- 2024-02: $13.66 per share

- 2024-03: $14.13 per share

- 2024-04: $14.92 per share

- 2024-05: $15.44 per share

- 2024-06: $16.25 per share

- 2024-07: $18.90 per share

- 2024-08: $19.55 per share

- 2024-09: $19.31 per share

- 2024-10: $20.23 per share

- 2024-11: $25.67 per share

- 2024-12: $23.84 per share

- 2025-01: $25.82 per share

- 2025-02: $23.11 per share

- 2025-03: $18.40 per share

- 2025-04: $17.17 per share

- 2025-05: $17.37 per share

- 2025-06: $19.42 per share

- 2025-07: $19.94 per share

- 2025-08: $22.13 per share

- 2025-09: $21.32 per share

- 2025-10: $18.68 per share

- 2025-11: $18.26 per share

- 2025-12: $17.30 per share

- 2026-01: $22.31 per share

- 2026-02: $18.51 per share

- 2026-03: $18.16 per share

- 2026-04: $22.74 per share

- 2026-05: $17.16 per share

- 2026-06: $15.96 per share

- 2026-07: $17.65 per share

- 2026-08: $16.63 per share

- 2026-09: $16.31 per share

- 2026-10: $13.23 per share

## Annual estimated value (USD per share)

- FY2022: low $0.25 per share, central $0.28 per share, high $0.32 per share

- FY2025: low $0.26 per share, central $0.30 per share, high $0.34 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1777835/000177783526000022/pwp-20251231.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.